The IRS has issued its first guidance on the Employee Retention Credit. Who qualifies? Employers receiving a PPP loan may NOT claim the credits. The employer’s business must be fully or partially suspended by government order due to COVID-19 during the quarter. Or, the employer’s gross receipts are below 50% of amounts in the same […]
Read more...Category: Taxes
Stimulus Bill Highlights
The CARES Act contains a lot of provisions designed to stabilize the economy and help individuals and business with immediate cash needs. This is an overview. We will be communicating details as we receive them. Recovery Rebates Tax credit advances paid by the Treasury. Individuals will receive $1200 ($2400 for joint filers) plus $500 per […]
Read more...Important tax news for owners of Oklahoma S corps and partnerships
On April 29th, 2019 Oklahoma Governor Stitt signed the Pass-Through Entity Tax Equity Act of 2019. The Act allows pass-through entities (PTEs) to elect to pay Oklahoma income tax on its earnings. The Owner/Shareholders of these entities then exclude the Oklahoma source PTE income from their individual Oklahoma income tax returns. The good news: The […]
Read more...IRA, Simple IRA, SEP, and 401k Contribution Limits for 2020
2020 2019 2018 IRAs IRA Contribution Limit $6,000 $6,000 $5,500 IRA Catch-Up Contributions 1,000 1,000 1,000 IRA AGI Deduction Phase-out Starting at Joint Return 104,000 103,000 101,000 Single or Head of Household 65,000 64,000 63,000 SEP SEP Minimum Compensation 600 600 600 SEP Maximum Contribution 57,000 56,000 55,000 SEP Maximum Compensation 285,000 280,000 275,000 […]
Read more...Health Savings Account Limits for 2020
For 2020 Self-Only HDHP* coverage […]
Read more...Separation and Divorce: When It Comes to Taxes, Breaking Up Can Be Hard to Do
Not much is harder in life than going through a separation or divorce. Figuring out how to handle your taxes before, during, and after a divorce is right up there with the most difficult of challenges. So, before you make big moves to separate or divorce, know the potential tax consequences, and take steps to […]
Read more...Is Your Business Considered a Hobby by the IRS?
Very frequently tax preparers are asked to provide clarification on IRS rules that they heard from a friend, neighbor or colleague. Usually some part of the statement is true; however, there is always more to the story or it may not apply to that person’s specific situation. If you’ve heard the statement, “You can’t deduct […]
Read more...New Tax Bill Highlights for Businesses
As I am sure you are aware, significant tax legislation was passed and signed into law at the end of last year. Most of the changes take effect in 2018, except where noted. These are changes that affect businesses. If you are looking for changes that affect individuals, go to our website and click “Taxes” […]
Read more...New Tax Bill Highlights for Individuals
As I am sure you are aware, significant tax legislation was passed and signed into law at the end of 2017. Most of the changes take effect in 2018, except where noted. These are changes that affect individuals. I will address changes for business owners in a separate post. This is not meant to be […]
Read more...Income Shifting: SAVE Thousands in Taxes
Want to save money in taxes WITHOUT working harder? One way is to shift income from a higher bracket taxpayer to a lower one or even a zero rate-bracket. Typically, splitting the income between family members by hiring them to work in the business will save thousands in taxes. An example is shifting income to […]
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